Former sprinter Campbell, who could lose his 4x100m European record from 1999, believes the proposal is worth the sacrifice.
"I will sacrifice whatever it takes to save the sport and give its credibility back," he told BBC Radio 5 live.
"I've thought about it, put myself in their shoes of losing a record and yes, I've lost medals and you kind of go, 'OK it's for the greater good'. You have to accept it and move on.
"Records are there to be broken and some of those records can't be broken unless you're taking drugs."
Campbell wants the authorities to build on the initial proposal, saying tougher laws must be implemented for the sport to move past the doping scandals.
"We need to know how it is going to save the sport. We don't want to end up right back here in 20 years," he added.
"It is radical, it is a recommendation, but tell me how it's going to save the sport? That is the important thing."
European Athletics will forward the proposal to the International Association of Athletics Federations which will study it at its Council meeting in August.
(Reporting by Hardik Vyas in Bengaluru; Editing by Amlan Chakraborty)
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